Evening Update: Bank of Canada raises key interest rate to 5%, highest since 2001

News Snapshot:

Good evening, let’s start with today’s top stories: The Bank of Canada has increased its benchmark interest rate to 5 per cent, the highest in 22 years, and pushed out the timeline for getting consumer prices under control, warning that the downward momentum of inflation could stall over the next year. The quarter-point increase will further squeeze Canadians’ finances and push up costs for mortgage holders. In an updated forecast, the central bank said it expects the annual rate of inflation to remain around 3 per cent for the next year, declining to the bank’s 2-per-cent target by the middle...